ASC 606 construction industry impacts
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ASC 606 construction industry impacts

4 years ago · 629.7 KB Download

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Part of the CPEA ASC 606: Revenue Recognition Series

We continue our revenue recognition series on implementation issues from FASB Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The new revenue recognition standard in ASU 2014-09 is primarily codified in FASB Accounting Standards Codification (FASB ASC) 606, with the same title. This is a longform report focusing on how the new revenue recognition standard will impact the engineering and construction (E&C) industry. To do so, we’ll briefly summarize each of the five steps included in FASB ASC 606, highlight aspects of each step that may be more challenging for the E&C industry to implement, and finally provide illustrative examples. Part I of this report covers steps one through three of the FASB ASC 606 model. Part II covers steps four and five of the model, plus other matters.

Download the First half of the ASC 606 construction industry impact report

File name: CPEA-rev-rec-construction-part-i.pdf

Download the Second half of the ASC 606 construction industry impact report

File name: CPEA-rev-rec-construction-2.pdf

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